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Immune Design Corp (NASDAQ:IMDZ) Q3 Earnings Beat Estimates

Immune Design Corp (NASDAQ:IMDZ)

Immune Design Corp (NASDAQ:IMDZ)

Immune Design Corp (NASDAQ:IMDZ) shares fell 9.09% despite the company posting better than expected third quarter financial results. The clinical-stage immunotherapy company reported a net loss of (-$13.4) million or (-$0.52) cents a share. Analyst were expecting a net loss of (-$0.63) cents a share.

Immune Design Corp (NASDAQ:IMDZ)

Q3 Financial Results

Investor confidence in Immune design has taken a hit in recent weeks, seen by the stock trading near all-time lows. The stock is down by more than 50% for the year.

Immune Design Corp (NASDAQ:IMDZ) posted revenues of $0.5 million for the three months ended September 30, 2017. The revenue is primarily attributable to collaboration revenues associated with the Sanofi G103 HSV vaccine product collaboration.

However, it was a decline from revenues of $8.2 million reported last year. Revenue for the corresponding period last year included $7 million in license revenue and $0.4 million in product sales associated with the Sanofi collaboration.

Revenue for the first six months of the year totaled $6.7 million down from $11.2 million for the corresponding period last year. Research and Development expenses in the third quarter totaled $10.2 million compared to $11.2 million for the corresponding period last year. The decrease was primarily attributed to a decline in licensing royalties and fees to other third parties.

Immune Design Corp (NASDAQ:IMDZ) exited the third quarter with cash and cash equivalent of $67.5 million compared to $110.4 million as of December 31, 2016.

Pipeline Development

During the quarter, Immune Design Corp (NASDAQ:IMDZ) achieved an important milestone in the development of its drug pipeline. The FDA approved the Phase 3 trial, design, and approval criteria for the company’s candidate drug for the treatment of synovial sarcoma, CMB305.

“In addition, at ESMO we presented interim analysis data from our ongoing randomized Phase 2 study of CMB305 and atezolizumab showing that patients receiving the combination therapy experienced greater clinical benefit and immune response than those receiving atezolizumab alone,” said CEO, Carlos Paya.

Immune Design Corp (NASDAQ:IMDZ) completed an underwritten follow-on public offering in Q3 that resulted in the sale of 22.4 million shares of common stock. Estimated net proceeds from the offering is $86.6 million. The company plans to use net proceeds from the offering to fund ongoing clinical programs and for working capital.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

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